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I'm stuck in a situation where I'm not sure what to do. Here's the background of things.

Joined the Company in April, 2 years ago. After 3 mths probation, got confirmed and received an increment in salary (RM2100).

(now, its stated in the offer letter that after every 6months, employees will be reviewed and there will be a possible increment in salary) However, me and other newly join colleagues did not go through anything like that throughout our time in the company. To be fair, the company offered a form of basic pay+commission late last year to offset the salary increase. Its not much but we went with it as we enjoy working for the company and see ourselves growing with the company (with or without salary increment at that time).

Fast forward to now, March 2011. I'm still being paid my basic pay (RM2100) + commission (bout RM 50- 150 per mth). However, on March 10th, the bosses called everyone in one by one and said verbally that business is bad and they are thinking of closing it down; and they have to give everyone a 1 mth notice effective 10 March 2011.

Its now March 18th and we have yet to receive any written notice. I asked the boss yesterday about it: our conversation summarized; he wants to think it over for another few more days, but the notice term will start on the date the letter is given (meaning its no longer effective from 10 March) - which is bad in my opinion as it makes us, the employees at the complete mercy of the company since we can't plan our next step/employment.

Right now, more jobs are coming in for the company and the top management are acting as if the whole '1 mth notice/company closing down' didn't happen. Honestly, after the boss told us that we are being let go, most of us just lost the passion to work with the company and now he's trying to keep us longer and all...

My concern now is what are the feasible options i have? Do i tender resignation which is 3mths long, (plus the company has had a history of holding back payment or asking you to leave immediately) OR, do i just wait for the notice whenever that might be? It kinda sucks being trapped and at this point, i'm just disappointed with the company. Please advise.